Sweetgreen (NYSE:SG) CFO Sells $93,354.93 in Stock

Key Points

• Sweetgreen CFO Jamie McConnell sold 15,033 shares for $93,354.93 at an average price of $6.21 to cover tax withholding tied to vested equity awards. The sale reduced the CFO’s direct holdings by 6.67% to 210,489 shares.
• Sweetgreen shares traded at $5.84, within a 52-week range of $4.49 to $10.63. The company’s latest quarterly results missed expectations, with an adjusted loss of $0.22 per share versus the forecasted $0.13 loss and revenue of $192.66 million versus estimates of $194.50 million.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $7.10. Institutional investors own 95.75% of Sweetgreen’s outstanding stock.

Sweetgreen, Inc. (NYSE:SG - Get Free Report) CFO Jamie Mcconnell sold 15,033 shares of the firm's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $6.21, for a total transaction of $93,354.93. Following the transaction, the chief financial officer directly owned 210,489 shares of the company's stock, valued at $1,307,136.69. The trade was a 6.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Sweetgreen Price Performance

Shares of Sweetgreen stock traded down $0.04 during midday trading on Tuesday, reaching $5.84. The company had a trading volume of 3,942,091 shares, compared to its average volume of 5,121,456. Sweetgreen, Inc. has a fifty-two week low of $4.49 and a fifty-two week high of $10.63. The stock has a fifty day moving average price of $7.40 and a 200 day moving average price of $6.79. The firm has a market cap of $695.19 million, a PE ratio of 58.41 and a beta of 2.20.

Sweetgreen (NYSE:SG - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.09). Sweetgreen had a negative return on equity of 32.94% and a net margin of 2.01%.The firm had revenue of $192.66 million during the quarter, compared to analyst estimates of $194.50 million. During the same quarter last year, the firm posted ($0.20) EPS. The firm's revenue for the quarter was up 3.8% on a year-over-year basis. As a group, sell-side analysts forecast that Sweetgreen, Inc. will post -0.98 EPS for the current year.

Institutional Trading of Sweetgreen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Larson Financial Group LLC raised its stake in Sweetgreen by 165.8% during the 3rd quarter. Larson Financial Group LLC now owns 3,766 shares of the company's stock worth $30,000 after buying an additional 2,349 shares during the period. Fifth Third Bancorp bought a new stake in shares of Sweetgreen during the first quarter valued at approximately $38,000. CWM LLC increased its holdings in shares of Sweetgreen by 212.2% during the fourth quarter. CWM LLC now owns 7,333 shares of the company's stock valued at $50,000 after acquiring an additional 4,984 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its position in shares of Sweetgreen by 281.7% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 7,912 shares of the company's stock worth $53,000 after purchasing an additional 5,839 shares during the period. Finally, Onyx Bridge Wealth Group LLC acquired a new position in shares of Sweetgreen during the first quarter worth approximately $56,000. 95.75% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SG has been the topic of a number of recent analyst reports. Citigroup dropped their price objective on Sweetgreen from $10.00 to $8.00 and set a "buy" rating on the stock in a research note on Friday, August 7th. JPMorgan Chase & Co. upgraded Sweetgreen from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $8.00 to $13.00 in a report on Friday, May 22nd. Wall Street Zen raised Sweetgreen from a "strong sell" rating to a "sell" rating in a research note on Sunday. DA Davidson cut their price target on Sweetgreen from $7.00 to $5.50 and set a "neutral" rating on the stock in a report on Monday, August 10th. Finally, Oppenheimer reduced their price objective on shares of Sweetgreen from $10.00 to $8.50 and set an "outperform" rating for the company in a research report on Friday, August 7th. Four analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $7.10.

Sweetgreen Company Profile

Sweetgreen, Inc is a fast-casual restaurant chain specializing in salads, grain bowls and warm bowls that emphasize fresh, locally sourced ingredients. Since its founding in 2007 by Jonathan Neman, Nicolas Jammet and Nathaniel Ru, Sweetgreen has focused on sustainable agriculture, working with regional farmers across the United States to provide seasonal produce and promote environmentally responsible sourcing practices. The company's menu features a variety of plant-forward options, including custom-build salads, chef-curated bowls and limited-time offerings that reflect changing harvests.

Sweetgreen operates a technology-driven service model that combines in-store experiences with digital ordering through its mobile app and website.

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